Posted on: 09th Jan, 2011 07:15 pm
Does anybody know of a program which calculates the balance of your loan on a daily basis? That is, something which incorporates any extra payments made and interest etc. I am interested in this because even though I trust my bank I would like to check that they are calculating the correct amount.
I won't be able to let you know about such a program. You can contact your lender and ask them to let you know about the calculations. They might help you in this regard.
is such dailly basis calculation done????
Surpising.....
Surpising.....
Surprising, but true. My bank calculates interest on a daily basis and then adds the interest accrued to the balance of my loan, once a month. It would be nice to be able to check their calculations to ensure you're not being over (or under) charged interest.
Are you talking about a HELOC?
For the actual mortgage calcs, I don't know of any program that iterates the calcs on a daily basis.
I guess that could simply be built in Excel, but the loan parameters would make all the difference. And you'd need a really tall spreadsheet.
For the actual mortgage calcs, I don't know of any program that iterates the calcs on a daily basis.
I guess that could simply be built in Excel, but the loan parameters would make all the difference. And you'd need a really tall spreadsheet.
Not sure if it is officially a HELOC, but I am able to withdraw (re-borrow) any amount that I am in advance of my loan.
Would you please be able to assist me with the required parameters for setting up an excel spreadsheet for this purpose?
Would you please be able to assist me with the required parameters for setting up an excel spreadsheet for this purpose?